Albany, NY -- (SBWIRE) -- 03/08/2017 -- According to a new market report published by Transparency Market Research "Photoelectric Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024" the photoelectric sensors market was valued at US$400 million in 2015, which is expected to reach US$1,703.2 million by 2024, growing at a CAGR of 17.8% from 2015 to 2024,in terms of revenue. In terms of volume, the market was valued 30.5 million units in 2015 and is expected to reach 167.0 million units by 2024, expanding at a CAGR of 21.2%.

Photoelectric sensors are used to detect the size, shape, color, distance, absence or presence of a target entity. These sensors use light for performing chosen tasks. Photoelectric sensors have the ability to detect non metal objects, apart from their ability to function over extensive sensing distances. Self contained photoelectric sensors are designed to enclose electronic components and optics conjointly. The sensor comprises a receiver and a light transmitter. The sensor emits light through the transmitter to the target which is then reflected and the light beam is received by the photoelectric receiver, activating the sensor output.

Packaging, semiconductor device, logistics are some of the sectors where photoelectric sensors are used. Wide applicability of retro reflective photoelectric sensors is driving the growth global photoelectric sensors. The retro reflective photoelectric sensors are widely used in applications including glass detection, object detection and many others. These sensors with the help of polarization filter operate in visible red light and without polarization filter, operate in the infrared areas. Moreover, the sensors are used widely due to its reliability and less time consumption during setup.

Industrial automation is also escalating the demand of photoelectric proximity sensors worldwide. These sensors are also used to detect non ferrous and ferrous metal and non metal objects. Moreover, proximity photoelectric sensors have the ability to detect targets less than 1mm diameter and these sensors have also the ability to detect object while operating 60m away from the target. The demand of photoelectric sensors is rising simultaneously with the increasing need of process efficiency in automobile, chemicals, manufacturing and other industries. During the forecast period, these demand side factors are .expected to positively impact the growth of global photoelectric sensors market.

High cost of fiber optic photoelectric sensor is major setback for the growth of the market. The price of the fiber optic photoelectric sensors is higher as compared to the proximity photoelectric sensor which acts as major restraints in the growth of the market globally. Introduction of nano-technology is identified as a major opportunity in the global photoelectric sensor market. Nano technology makes it possible to manufacture photoelectric sensors that are smaller in size and are rarely visible with bare eyes.

Based on technology, the market is segregated into retro-reflective, diffuse and through beam. As of 2015, in terms of revenue, photoelectric sensors using retro-reflective technology held the largest share and accounting for more than 45% share of total market. Photoelectric sensors using retro-reflective technology offer multiple benefits such as reliability in operation, better polarization, flexibility in application and precision sensing.

In terms of types, global photoelectric sensors market is segregated into proximity photoelectric sensor, fiber optic photoelectric sensor and others. As of 2015, in terms of revenue, proximity photoelectric sensor held the largest share. The proximity photoelectric sensors are used in several industries like packaging, food processing and material handling for positioning, counting and sorting process. Considering such wide scope of applications, proximity photoelectric sensors are expected to retain highest market share throughout the forecast period.

By application, the market is segmented into parking facilities, elevators, building automation, semiconductor devices, packaging machines and others. As of 2015, in terms of revenue, parking facilities held the largest share. Rising demand for photoelectric sensors in parking infrastructure and automotive sectors has fuelled the growth of this application segment.

Based on geography, the photoelectric sensors market is segmented into four regions: North America, Europe, Asia-Pacific and Rest of the World (ROW). The European photoelectric sensors market held the largest market share of 2015 and is expected to retain its position during the forecast period. Increasing demand of industrial automation is the primary factor driving the European photoelectric sensor market.